So far I only had a swiss broker and used the reporting to enter a single line in my tax declaration (with value of the account, income taxed at source and income not taxed at source) and it always worked out.
Last year I opened a degiro account to trade more, and mostly foreign investments.
The report also gives me figures for value, income taxed and not taxed BUT I also want to claim back the income taxed at source in foreign countries, so using the DA-1.
It seems to me that I can’t just declare the value and income in a single line anymore, otherwise I will be double counted (one time in the list of accounts and one time in the DA-1) or the amounts won’t match the totals in the reports (which does not differentiate between swiss and foreign securities).
Do I have to declare every single position, hence every single purchase and sell (at least for the securities where I held in non income paying periods) ? It seems very cumbersome, is there a more efficient way to do it ?
Ideally I would like to just report the wealth, the income received and claim some of the income taxed in foreign countries.
You need to declare each individual position. Expect to have to provide proof for each position you declare with the number of pieces when the dividend was paid. Everything what you put on the DA-1 is not in your main declaration.
Hi, I did it first time for 2019 so nothing yet from Steueramt regarding that year. Do they always ask? And also is dividends section from IBKR enough for them?
As usual, it depends on the canton - some are more ‘easy going’ than others.
Not 100% true.
In the tax declaration thread there have been examples where a ‘1-liner’ has been accepted.
I have myself tried it out in Basel for the past year (declaring one line for stocks, one line for cash; and depicted what parts are regular + wht dividends), and I got back a positive evaluation just the other day.
I attached the pdf export of all transactions etc. from IBKR.
Just need to double-check that all has been accounted for properly though, didn’t have time to sit down yet.
I only saw the 1st answer and spent the afternoon declaring all lines, all transactions etc…
It took me hours while I really did not trade much in 2020 (2021 will be a nightmare since I have traded much more and received much more dividends).
Now I have to do it again because on my DA-1, i’m short of the 100 income taxed at source by 2 francs, therefore I need to declare them again in the “WV list”
It’s really dumb that I have to go in ICTax and copy paste all the values and dividends when the system could compute everything from the purchase/sale dates.
It’s really dumb that I can’t transfer those entries to the “WV list”, while it was easy to transfer those in the WV do the Da-1.
EDIT: One way to do it quick is to change the country to ireland, save, accept the transfer to WV, and then change back to the original country
Thanks again, I guess I will declare everything in detail this year since it’s done and try a summary version next year (like dbu)
I don’t know your canton, but from what I saw, you don’t need to enter all transactions. They are for automatic calculations which suppose to make it easier for you. So you can deactivate calculations, enter manually dividends received and the value at the end of the year for each position. Tax office doesn’t need anything else.
Interactive Brokers and TDAmeritrade both provide form 1042. This is an official US document showing US sourced investment income and withholding tax and canton Geneva tax authorities accept it. I put the amounts as a one liner in DA1 by checking a box in the tax software
Probably doesn’t help, but when speaking with an accountant she told me they always calculate with their hourly rate whether to declare the dividend (and which) separately for tax refund. If the dividend amount is less that your hourly “rate” just leave it be, not worth the time in filing the details.
It really depends on how many positions and how much dividends have been distributed, the best way to save some money is to do it by oneself, where of course you can gauge the value of one’s own time.
What I mean is:
A) You have to claim the dividends anyway (to be taxed as income) - so assigning the WHT part to the proper category is certainly not an addition of extra 1h of work (per position) on top; and
B) In several cantons, as stated above, one-liners for total portfolio do the trick - so in that case no need for “extra work per position” again.
It’s me again, trying (very late in the year this time) again to declare my taxes more efficiently, this time with “one liners”.
However I wonder how to do it.
One disadvantage is that I have my broker’s report doesnt break things by country.
I have stocks/funds, domiciled in various countries. I thought I would put one liner for all swiss investments, and then one liner for each foreign country in the DA-1. At least it’s the only way I see in the DA-1 form. If I choose “Aktie”, I can choose the domicile country and the taxed at source rate is filled automatically.
Is that the way to go ?
Another option would be to choose “Steuerauszug/Depot” and I can then type in the “Ertrag”, the “Beantragte ausl. Quellensteuer” and the “Rückbehalt USA”.
ButI don’t see why USA is differentiated, and how the swiss tax authorities can calculate their share since every country has different tax agreements with Switzerland (but maybe I misunderstand the whole point of this part of the tax declaration)
Depending on your canton, but in 2 I’ve done it in (BS and ZH) -
You can just put 1 line for all the invested amounts together (plus dividends and WHT on them), and another for any cash you got lying around.
Attach the full report of trades/dividends and you should be good.
If there’s a more efficient/correct way, happy to hear.
Thanks. But what if you have WHT in different juridisctions ? I understand that DA-1 should be filled for all foreign securities/funds domiciled abroad.
When choosing the type of investment: Stock leads to choose a country (that determines the WHT rate at the rate agreed between the two countries). One can choose the “depot” type and type in the WHT amount wanted. It sounds like the most efficient/correct way, but almost too simple, so I went trough the trouble to do one line by country (not much trouble but I had to do some data mining through a bad fiscal report in pdf format).
Rather for domiciles that withhold taxes on dividends. That excludes Ireland and Luxembourg, where most European ETFs are domiciled.
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